Why Credit Unions Need to Accept Mobile Payments

Use mobile payments to scale your business for rapid growth!

Credit unions are not at a disadvantage when it comes to attracting new members. On the contrary, they have many advantages over their larger counterparts. But there is one area where credit unions need to catch up: accepting mobile payments. More and more people are using their smartphones for everything from banking to commerce, so it’s time that credit unions get on board with this trend.

If you’re a credit union looking for ways to increase member satisfaction while reducing business costs, then don’t miss these three reasons why your institution should start accepting mobile payments now!

Why Accept Mobile Payments

On-time payments:

More than half of Americans now use mobile banking, and a whopping 84% do at least some shopping on their smartphones. This means that your members are more likely to have access to the funds they need when it’s time to make a payment – even if you’re not open! In addition, with instant notifications and no long wait times, your members have the freedom to make a payment when it’s most convenient for them.

Reduced business costs:

One of the main benefits of accepting mobile payments is that it helps reduce your expenses. The majority of credit unions spend on average about $875,000 a year in cash handling costs alone! By accepting mobile payments, you’ll save money and offer new benefits for members who are used to the convenience of paying with their phones.

Scalability:

Mobile banking is one of the few areas that can grow as your institution does because of the rapid scalability of online technology. Whether you’re looking to accept payments over the phone, through IVR, or SMS/text, adding these channels to your list of payment options allows you to offload the burden from your staff efficiently and can keep up with the exponential growth of your business.

Takeaways

Credit Unions should also consider adding mobile payments as a payment option because of the convenience and safety it provides for members. In addition, mobile banking is already popular among today’s younger generations, so why not offer them an easy way to make on-time, low-cost payments?

Looking to get started today? Learn more about our SMS payment feature and request a free demo to get started!